DISCUSSIONS WITH DRUMMOND ST.: Social Media “Bang for Your Buck”

DISCUSSIONS WITH DRUMMOND ST.: Social Media “Bang for Your Buck”

How do I use social media to get the most “bang for my buck”?

– Joe L.

That’s a frequent question I hear from my clients because everyone knows they should be using social media but many people aren’t sure how exactly to do that. And now, more than ever, businesses have to be mindful of their budgets and really make sure they are achieving a positive ROI.

To optimize performance of your social media, you have to track and measure analytics. The best thing about social media is that it is trackable – you never need to guess if your posts are working. You have access to metrics and analytics 24 hours a day, 7 days a week. I can hear you thinking, “wait a minute…analytics are complicated and hard to understand”. And you are right! It’s true that, sometimes, all that data can be overwhelming. But keep reading and I’ll give you tips and insight to make it all more manageable.

The best way to get started, or to brush up on your skills, is to take less than 2 minutes and watch this brief explainer video. Yes, monitoring social media analytic can be tough but it doesn’t have to be.

Each social media platform has their own way to access metrics but there are also some great services that allow you to consolidate information and compare how your posts are performing. If you don’t have a SproutSocial or HootSuite account already, here is an easy way to get started in choosing the right software for your needs and budget.

Far too often, I see people posting to social media but then never follow-up to see how effective it was. To truly increase the ROI of your budget spend, take the time to use analytics to see what is working for your business. Spend more time doing what works and stop spending time on what doesn’t. Yes, it really is that simple.

Once you’re more comfortable in the world of analytics, the next step is to determine what the definition of “effective” means to you and your specific business. If you are selling a product, “effective” might mean the amount of sales you make from social media posts. If you are promoting a virtual event, then “effective might mean how many people share your posts to gain more awareness of the event. Think back to your business goals, that will help guide you in determining your unique definition of “effective”.

Finally, keep at it! To really know that you are getting the most bang for your buck out of social media, you need to establish trends. I recommend to clients that they look at no fewer that 90 days’ worth of data when making decisions. Don’t make strategic business decision based on one post. Let the overall trend guide you (and your budget) to make sure you’re getting the most out of your social media as you possible can.

James Runkle – Drummond St. Strategy

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Authored by: hMAG